The Globe and Mail reports in its Thursday edition that National Bank Financial analyst Cameron Doerksen says Canadian Pacific Kansas City is likely to see solid volume growth in its third quarter, with new cross-border tariffs posing a small challenge, while U.S. trade policy benefits other volumes. The Globe's David Leeder writes that Mr. Doerksen has reaffirmed his "outperform" recommendation for CPKC. He continues to target the shares at $140. Analysts on average target the shares at $138.11. Mr. Doerksen says in a note: "We maintain our 'outperform' rating on CPKC shares as we see superior volume and earnings growth over our forecast time horizon supported by new business wins and further growth on volumes to and from Mexico (we forecast 10-per-cent EPS growth in 2026 and 14.6 per cent in 2027). We also see CPKC well positioned to benefit from truck-to-rail conversions on both its intermodal and merchandise books of business. Finally, we are also still more confident in a positive trade outcome between the U.S. and Mexico (less confident in Canada-U.S. trade flows) that could act as a catalyst for the stock." The Globe reported on April 15 that Mr. Doerksen rated CPKC "outperform" when it was worth $109.84.